Russian President Dmitry Medvedev will chair a meeting with officials from the Bank of Russia on setting up an international financial center in Moscow, Russia's finance minister said.
Medvedev proposed establishing a global financial center in Moscow at the St. Petersburg's Economic Forum in 2008. In April this year, the president instructed the council for financial markets and the Moscow government to work out by June 1 a plan on preparatory work for the project.
Alexei Kudrin told reporters on Wednesday that the upcoming meeting will discuss the plan and the creation of a project group to oversee Russia's efforts to establish the Moscow financial center.
The Russian president believes that turning Moscow into a global financial center as well as establishing the ruble into a leading regional reserve currency is central to building a competitive financial system in Russia.
According to Medvedev, it is necessary to establish normal and favorable conditions for capital and the relevant tax and customs facilities, to ensure effective judicial protection of property rights, to use modern models of risk insurance, and to create the necessary infrastructure.
Russian experts claim that a global financial center in Moscow could be established within five years.
MOSCOW, June 3 (RIA Novosti)